The global pet insurance market size to cross $13 billion by 2025, growing at a CAGR of over 20%.
It is also one of the fastest-growing employee benefits in many countries, with more and more employers adding pet insurance to their benefit portfolio offerings. With the increase in the number of household pet ownerships globally, the level of spending on pet-related products has surged with the increase in disposable income among people. While dogs are more preferred in Brazil, Argentina, and India, cats are more in number in Canada, France, and Germany.
Arizton’s recent market research report considers the present scenario of the pet insurance market and dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Pet Insurance Market – Dynamics
Here are the list of trends and drivers that are impacting the revenues and profitability in the global pet insurance market:
- Rise in Number of Pet Owners
- Awareness about Pet Insurance
- Increased Spending on Pet & Pet Products
- Rise in Online Claims
- Rise in Millennials Interest for Pets
- Rise in Pet Humanization
Pet Insurance Market – Segmentation
The research report includes detailed segmentation by insurance type, animal type, distribution, and geography.
- In terms of coverage, the accident and illness insurance is the most significant contributor to the global pet insurance market. This segment covers the reimbursement for accidents as well as illness, including hereditary conditions and behavioral challenges among them.
- Cats are the most preferred after dogs; they are dominant in North America and Europe. There has been growing ownership of pet cats in recent years. Flexibility and low maintenance are the major reasons for the high adoption of cats.
- Brokers are one of the efficient indirect distribution systems. They specifically target middle class and upper-class animal owners. The share of this segment is growing significantly due to the increased efforts put by brokers. Bancassurance is expected to be the fastest-growing segment during the forecast period due to the low distribution and maintenance costs.
Market Segmentation by Insurance Type
- Accidents and Illness
- Accident Only
Market Segmentation by Animal Type
Market Segmentation by Distribution
- Direct Writing
Pet Insurance Market – Geography
The global pet insurance market is concentrated in the regions of North America and Europe with a large number of vendors and is almost a niche and growing market in the APAC, MEA, and Latin American regions. While the growth of humanization and rising millennials interest for pets is growing across the regions irrespective of the demographic variability, the market is set to witness growth for all pet-related products, including pet insurance. With the growing awareness and perception of the benefits of pet insurance, there is a huge possibility of pet owners getting involved with the concept of pet insurance in the underpenetrated and developing nations of the APAC, MEA, and Latin American regions.
Market Segmentation Geography
- South Korea
- North America
- South Africa
- Latin America
Pet Insurance Market – Vendor Landscape
The global pet insurance market is in a growth stage, and it has achieved popularity and high penetration only in European countries like Sweden, the UK, and the US. The market consists of a greater number of concentrated players in these regions, making it more fragmented with intense competition. In countries like the US, 4−5 major players account for more than 75% share of the overall market. On the contrary, there are no significant players in countries such as the UAE and Saudi Arabia, where there is an immense opportunity for the vendors to expand their business there since there is a prevailing demand-supply gap in the region.
- Healthy Paws Pet Insurance
Other Prominent Vendors
- Crum & Forster
- Hartville Pet Insurance
- Embrace Pet Insurance
- Pet Secure
- Pet Plan (North America)
- Anicom Holding
- Ipet Insurance
- Japan Animal Club
- Pet Insurance
- Bow Wow Meow
- 1300 Insurance
- Prime Pet Insurance
- Pet Secure
- Pets Best
- HKT Financial Services
- Dot Sure
- Pet Sure
- One Plan
- Pet Assure
- Dog Sure
- Paw Paw
- Inov Expat
- New India Assurance
- Understand Insurance
- Pets Plus Us
- 24 Pet Watch
- Animal Friends
- Cat Sure
- 365 Pet Insurance
- Barmenia Direkt
- Gunn & Partner
- Reaal Dier & Zorg
- Bulle Bleue
- My French House
- Samsung Fire & Marine
- Lotte Non-Life Insurance
- Hyundai Marine & Fire Insurance
- United India
- 4 Paws
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